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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Florida to sue major LCD makers for price fixing Reuters - Wednesday, August 11 Send IM Story Print By Pascal Fletcher MIAMI - Florida Attorney General Bill McCollum said on Tuesday he is suing the world's biggest makers of liquid crystal display screens for engaging in a "conspiracy at the highest level" to fix prices. The lawsuit, a civil action to be filed in a California federal court, alleges the defendants "conspired to prevent competition and to increase prices" for TFT-LCD panels, the most common form of LCD panels used in desktop monitors, laptop screens, flat-panel televisions and other electronic devices. McCollum's announcement came days after New York Attorney General Andrew Cuomo filed a similar lawsuit on Friday, alleging a decade of price fixing by major Japanese, South Korean and Taiwanese LCD makers and by their U.S. units. In a statement, McCollum, who like Cuomo in running for governor, said records subpoenaed by his office indicated the defendants organized the conspiracy "at the highest level of their organizations in various secret meetings and telephone conversations over a period of years." "This massive conspiracy allegedly resulted in artificially and illegally inflated prices of certain LCD panels and the products that contain them at the expense of Floridians and governmental entities," McCollum said. Among the defendants are well-known international LCD makers such as Samsung Electronics Co Ltd, AU Optronics Corp, Hitachi Ltd, LG Display Co, Sharp Corp and Toshiba Corp, the Florida attorney general's office said. It noted that some of the defendants and their employees had already been indicted by the U.S. Department of Justice and had paid over $890 million in criminal fines. The Florida attorney general's lawsuit argues the companies violated the Florida Antitrust Act, the Sherman Act, and the Florida Deceptive and Unfair Trade Practices Act. The state's antitrust laws allow fines of $1 million per corporate violation. The antitrust laws further provide for damages up to three times the amount lost due to the unlawful conduct. Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - 18 minutes ago Obama signs 'libel tourism' bill AFP - 46 minutes ago Saudi watchdog backtracks on BlackBerry ban AFP - 1 hour 31 minutes ago Putin wants Russian satnav system in new cars from 2012 AFP - 2 hours 31 minutes ago Florida to sue major LCD makers for price fixing Reuters - Wednesday, August 11 News Search Top Stories Chelsea agree Carvalho fee with Real A long, hot Ramadan for many devout Muslims BP spill cases to be heard in New Orleans US Fed promises stimulus to help slowing recovery InterContinental Hotels to create 160,000 jobs worldwide More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Sauna contest in Finland cut short as Russian dies Massive ice island breaks off Greenland glacier Visitors attack Taiwan 'haunted house' actors BP spends $6.1 bln on Gulf spill response Extreme weather fuels debate over global warming More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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